IHO #02: Introducing the Propel (PEL) Token Sale, Hosted by Hot Cross
Whitelisting has already begun. The sale will take place on December 7th.
Hot Cross is extremely thrilled to unveil our second Initial Hot Cross Offering: Propel. Propel is a hyper-versatile blockchain infrastructure provider that includes Metaverse as a Service (MaaS) and DeFi as a Service (DaaS).
With DeFi approaching a market cap of $200 billion, the demand for DeFi B2B services like whitelabel investor dashboards, bespoke cross-chain bridges, and reusable B2B DeFi lego components has never been bigger.
As with our first IHO, we decided to choose a project that is near our line of work because we believe that there are more projects than we can ever individually service at Hot Cross across all products, and it just makes good sense to partner up with a new, emerging team in the space and work together towards our shared B2B goals.
Another reason why we’re excited about the concept of Propel is that they have dived into both Metaverse and GameFi B2B tooling, which is a market void and opportunity. This includes NFT borrow/lending, and fractionalized NFTs.
Propel shines with innovative cross-chain and Metaverse/GameFi ideas that haven’t been tried at scale yet. They have been audited by Zokyo and have mainnet products already in the wild, with clients as well. This isn’t just another project; it’s one that took the “be stealth and build” route during the early days in 2021, which we love to see. The feature stack includes, but is not limited to:
Metaverse (Metaverse as a Service): Propel’s MaaS portfolio contains four areas: GameFi, NFT utilities, Core Metaverse, and Smart Verse Contracts;
DeFi Infrastrcture (DeFi as a Service): Propel’s DaaS portfolio includes DeFi solutions that work across multiple blockchains. In real-time, they provide services like Investor Dashboards, MultiSig Wallets, Cross-Chain Bridges, Anti- Dumpster Solutions, and more;
Staking as a Service (SaaS): Propel makes bespoke, whitelabel B2B staking solutions for blockchain teams in the space that need a more tailored approach to staking, whether that’s with LP tokens, single-sided tokens, or a mix of two.
Custom Solutions: Each project is unique therefore Propel develops customized solutions to meet the needs of clients and help them achieve maximum exposure.
PEL Token Utilities
PEL is the native token of the Propel platform. It contains features such as governance, incentives, and Proof of Stake (PoS):
Staking: users will stake PEL to earn rewards and participate in Launchpools;
Governance: users will signal their intention to make platform decisions via PEL native token governance;
Deflation via Platform Growth: As Propel itself grows, PEL is retained and acquired for B2B deals.
Details about the Initial Hot Cross Offering
When we ran our first IHO, we accepted 1 payment method: LP tokens. This time, we’re doing something a little different: we’re accepting 3 payment methods: HOTCROSS, HOTDOG (formerly HOTVIP), and HOTCROSS-BNB LP PCS V2.
You can use HOTCROSS single to enter the sale;
You can use HOTDOG (formerly HOTVIP) to enter the sale;
And you can use HOTCROSS-BNB PCS V2 LPs to enter the sale, and zaps.
Each option has a different cap on it. We suspect that this should be a fun exercise to see who chooses what. A little something for everyone, really.
(*For LPs) HOTCROSS-BNB LP’s In → PEL Out
The general method by which a portion of Initial Hot Cross Offerings operate is really not much different than ApeSwap IAO’s or PancakeSwap IFO’s. There are some nuances which we’ll outline below, but the premise is quite simple: you use HOTCROSS-BNB LP’s to pay for PEL, and any excess funds unused are returned upon claim. A portion of the sale will be capped and a portion of the sale will be unlimited (overflow) so that a healthy balance between fair and full is reached.
When? What? How? Here Are the Details.
📝 Details about the sale are as follows:
Where to buy PEL: IHO page on December 7th, 2021;
Where to whitelist and KYC for the sale: KYC page. You must have a KYC’d wallet to participate in this sale. There is no wiggle room here - we are a compliant-facing team that is non-anonymous and serious about pushing innovation and ideas forward in the on-chain space;
Amount to raise: $702,000;
Tokens for sale: 5,400,000 PEL (5.4% of Total Supply);
Token price: $0.13 per PEL;
PEL Metrics: Metrics Deck;
Cap at TGE: $871,000;
Payment method 1: HOTCROSS-BNB PCS V2 LP’s, BNB zapped into HOTCROSS-BNB PCS V2 LP’s, or BUSD zapped into HOTCROSS-BNB PCS V2 LP’s; (This session is Unlimited):
Payment method 2: HOTCROSS single sided (This session is max cap $1,000);
Payment method 3: HOTDOG single sided (launching this week!) (This session is max cap $10,000);
Launch Time: December 7th, 2021. The exact clock time will be announced super soon. You will have ample time to participate;
IHO Duration: TBD
Vesting: No Vesting;
HOTCROSS Holding Requirements: 0 Holding Requirements;
Tiers: 0 Tiers, everyone is on the same level;
Lotto: No lotto, everyone who KYC’s can participate;
HOTCROSS Capped Session Amount: $234,000;
HOTDOG Capped Session Amount: $234,000;
HOTCROSS-BNB PCS V2 LP Uncapped Session Amount: $234,000;
HOTVIP: This is now HOTDOG. See above!
Support and Safety
During the runup to the IHO, many questions will come in. We will also run events and have tons of excitement during this time. We ask that you remain calm, levelheaded, and take heed to the following instructions on how best to get support.
For ACCESS and KYC related questions, email email@example.com.
For product and general support, email firstname.lastname@example.org.
Note that the PEL token has not yet been deployed to the Ethereum mainnet or Binance Smart Chain mainnet. Do not get scammed on fake tokens. Please be cautious and careful.
Nobody from the Hot Cross team will ever direct message you for support. We absolutely don’t do this. Email us or direct message us from a support box on our official website.
A Note on the KYC Process
Please make sure that you carefully read our post outlining the access process for the Hot Cross platform. Many questions have come in about this process and we will cover some of the most common ones below.
Some Answers to Common Questions:
You need to register an email address with us;
Every 24 to 48 hours we pass email addresses to our KYC provider, Synaps;
When your email address has been added to the Synaps system we will not only contact you, but you will also need to follow our social accounts and be proactive about monitoring your KYC status. This is a must. Registering with 0.0625 BNB is not fully performing KYC and you absolutely must do both an email registration and KYC;
If you have issues with KYC documents, verifications, login attempts with Synaps, or anything that is related to the actual KYC procedure, then you must contact Synaps at email@example.com. We have 0 power over your KYC process and nobody at Hot Cross has control over this documentation. We do not need to see your information ever. We just want to know if you are a KYC’d email address and wallet;
Please be mindful that sharing your addresses, wallets, or screenshots in our chat rooms is risky and dangerous. You don’t know who’s lurking in there. Be safe!
Some wallets and devices don’t play nice with our DApp ecosystem. If you run into issues please hop into chat or email firstname.lastname@example.org with your questions.
Wait (!). After registering, you need to wait. Your email needs to be fed into the Synaps system and deployed to continue whitelisting. You have two weeks from today. Start now and do not delay.
Be mindful that if you apply from a banned nation then it’s going to take a very, very long time for us to look at those cases. The same goes for things like losing your wallet - we don’t have the manpower to handle all of that right now. Be careful and be mindful of the ToS on the IHO page.
The IHO page will be updated to show Propel information in the coming days.
How Do IHO’s Benefit the Hot Cross Platform?
Initial Hot Cross Offerings offer HOTCROSS holders and HOTCROSS LP’s a significant number of incentives, not least of which is gaining access into another project early. In addition to that, the very nature of IHO’s is to increase the Hot Cross Protocol’s network expansion and “stickiness”. The goals with IHO’s are clear:
Bring amazing partnerships and ideas into the Hot Cross ecosystem;
Allow compliant access into on-chain projects;
Incentivize LP’s to be a part of the Hot Cross ecosystem;
Reduce HOTCROSS emissions by returning a portion of the raise to the protocol itself, thus taking away the need to pollute the protocol with more tokens than necessary;
And to have fun!
How Does This IHO Benefit Propel?
We’ve gone through quite a bit above, but the largest win here for Propel will be immediate access to our network, community, social events, and marketing efforts. We view Initial Hot Cross Offerings through the lens of partnerships. We can proudly say that we have experience being an IFO ourselves, and deeply understand how important it is to keep relationships, incentives, partnership efforts, and collaborative efforts going.
The IHO is just step 1. There are many steps after that from a B2B standpoint where we will be working closely with Propel to ensure that we are here to help when needed.
Win-win, together we go far.
An exciting few weeks ahead are lined up for the upcoming IHO with Propel. We can’t wait to roll this out and also know that many of you will have questions, confusion, glee, fun, and excitement. We are here to help. Drop us a line in our chat room or email address and we will help you right away! Get ready and whitelisted today.
Ongoing Work at Hot Cross
Ongoing feedback loop for the products we’re building, including the minter
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About Hot Cross
Hot Cross is an extensive multi-chain and cross-chain tool suite that enables blockchain teams and their communities to thrive. At its core, Hot Cross aims to be the best toolbox for ETH and EVM networks. Their development philosophy is agile, and they are a cohort of builders who aggressively seek out opportunities to meet the demands of the now for both B2B and B2C. The core thesis that Hot Cross presents is that users and teams will migrate in part to new networks that feel familiar when presented with good tooling and freedom. Hot Cross is a company and an ecosystem in and of itself, and our goals are towards allowing communities to flourish using our technologies, whether or not they know we are the ones building them.